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Task 2- Below is a hypothetical demand and supply for apartments. Answe the following questions below using as basis the schedule given: Rent/Month (Php) Number of Apts. Demanded/Month Number of Apts. Supplied/Month 120.000 200 100.000 20.000 400 80,000 40,000 600 60.000 60,000 800 40,000 80.000 1000 20.000 100.000 1200 120.000 1. Draw the demand and supply curves for apartments using the schedule above.

Task 2- Below is a hypothetical demand and supply for apartments. Answe the following questions below using as basis the schedule given: Rent/Month (Php) Number of Apts. Demanded/Month Number of Apts. Supplied/Month 120.000 200 100.000 20.000 400 80,000 40,000 600 60.000 60,000 800 40,000 80.000 1000 20.000 100.000 1200 120.000 1. Draw the demand and supply curves for apartments using the schedule above.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Task 2 - Below is a hypothetical demand and supply for apartments. Answer the following questions below using as basis the schedule given: Rent/Month (Php) Number of Apts. Demanded/Month Number of Apts. Supplied/Month 120.000 200 100,000 20,000 400 80,000 40.000 600 60,000 60.000 800 40.000 80,000 1000 20,000 100,000 1200 120.000 1. Draw the demand and supply curves for apartments using the schedule above. 2. What is the equilibrium rent per month? At this rent, what is the number of apartments demanded and supplied per month? 3. At P400 rent per month what will be the demand and supply of apartments? Wll there be a surplus or shortage of supply? Explain your answer. 4. At 800 rent per month what will be the demand and supply of apartments? Will there be a surplus or shortage of supply? Explain your answer.
Transcribed Image Text:Task 2 - Below is a hypothetical demand and supply for apartments. Answer the following questions below using as basis the schedule given: Rent/Month (Php) Number of Apts. Demanded/Month Number of Apts. Supplied/Month 120.000 200 100,000 20,000 400 80,000 40.000 600 60,000 60.000 800 40.000 80,000 1000 20,000 100,000 1200 120.000 1. Draw the demand and supply curves for apartments using the schedule above. 2. What is the equilibrium rent per month? At this rent, what is the number of apartments demanded and supplied per month? 3. At P400 rent per month what will be the demand and supply of apartments? Wll there be a surplus or shortage of supply? Explain your answer. 4. At 800 rent per month what will be the demand and supply of apartments? Will there be a surplus or shortage of supply? Explain your answer.
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